Bithumb and Korbit Struggle to Gain Traction Despite Zero Trading Fees

Japanese Bitcoin treasury firm Metaplanet has opened a U.S. subsidiary company in Florida while also issuing 3.6 billion Japanese yen ($24.7 million) in bonds for the purpose of buying more Bitcoin.Photo by Kanchanara on UnsplashAccelerating the Bitcoin strategyIn an announcement on May 1, the company outlined that it had established Metaplanet Treasury Corporation in Miami, Florida. The firm cited the purpose of the subsidiary as a means through which it can accelerate its overriding strategy of accumulating more Bitcoin. Metaplanet CEO Simon Gerovich commented on X on the rationale behind locating the U.S. subsidiary in Florida, stating:”The reason for choosing Florida is clear: the state is rapidly emerging as a global hub for Bitcoin innovation, corporate adoption and financial liberalization.” Gerovich added that the newly formed company will enhance Metaplanet’s “around-the-clock operational capabilities across time zones.” The Metaplanet CEO sees the development as part of the firm’s evolution as a global Bitcoin treasury company.  $250 million capital raiseThe company stated that it had already established a corporate entity in the British Virgin Islands (BVI), with the U.S. addition enhancing the company’s ability “to respond to market dynamics with speed and precision.”  Metaplanet intends to raise $250 million in funding through the Miami-based entity, having launched it with initial capital of $10 million. It’s envisaged that the U.S. subsidiary can act as a vehicle to attract institutional investment.  Back in March it was reported that Metaplanet was investigating the idea of listing its stock in the U.S. At the time, Gerovich stated that the firm was “considering the best way to make Metaplanet shares more accessible to investors around the world.” As part of that process, Gerovich met with officials from the New York Stock Exchange (NYSE) and the Nasdaq.  In further U.S.-related developments, the company appointed Eric Trump, second son of U.S. President Donald Trump, to its strategic board of advisors in March. Last week, Metaplanet appointed David Bailey, CEO of Bitcoin Magazine, to its strategic board of advisors. Bond issuanceIn a separate development, Metaplanet has issued 3.6 billion Japanese yen ($24.7 million) in 0% ordinary bonds to purchase additional Bitcoin. The company used its EVO FUND as the mechanism through which it issued the bonds.  It has set out a goal of accumulating 10,000 BTC by the end of the year. Currently, the company holds 5,000 BTC. One community member believes that Metaplanet could hit this target as early as July on the basis of ongoing share dilution.Appearing on The Bitcoin Treasuries Podcast earlier this year, Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, described how prior to adopting its Bitcoin treasury strategy in 2024, the firm was a “zombie” on the Tokyo stock exchange with the pandemic having had a negative impact on the company’s fortunes.  He outlined that the company consolidated and dealt with some debt issues, but at that point it lacked a clear strategy. It then set out to replicate the success of U.S. Bitcoin treasury pioneer, Strategy (formerly MicroStrategy). On May 1 Gerovich posted on X that the company had achieved unrealized gains on Bitcoin exceeding six billion yen ($41.68 million). 

Zodia Custody Expands to Hong Kong to Meet Asian Institutional DemandZodia Custody, the crypto arm of British banking conglomerate Standard Chartered, is extending its digital asset custody services to financial institutions in Hong Kong, making further in-roads in terms of the company’s Asia-Pacific expansion.News of the expanded offering came via a CNBC report published on Sunday. Launched in 2020, Zodia Custody was founded to address the growing institutional demand for secure crypto asset storage, making Hong Kong a strategic addition to its service areas alongside its recent foray into the Australian market.Photo by Emily Xie on UnsplashAsia-Pacific expansionCurrently, only two companies, OSL Digital and HashKey, have obtained licenses from the Securities and Futures Commission (SFC) to operate within Hong Kong’s regulated crypto space. In its initial phase of operations in Hong Kong, Zodia Custody intends to offer a limited range of crypto assets to its institutional clients, aligning with its commitment to prudent expansion.Zodia Custody’s expansion into Hong Kong follows a series of moves into other key Asia-Pacific (APAC) markets, including Japan, Singapore, and Australia. Moreover, the company remains open to potential partnerships and clientele from regions beyond its current operational footprint.Earlier this month, Zodia Custody made headlines in Australia with the introduction of SAF3, a digital asset custody platform tailored specifically for institutional clients. SAF3 boasts bank-grade cold wallet storage accessible in real-time, complemented by advanced risk management and fraud detection capabilities. Julian Sawyer, the CEO of Zodia Custody, emphasized the importance of responsible institutional adoption, a significant step as Australia’s digital asset industry continues to mature.Institutional demand in Hong KongIn response to the surging institutional interest in crypto assets, Zodia Custody is capitalizing on this market trend, recognizing that Hong Kong’s demand for crypto services is predominantly institutionally driven. Sawyer underlined the unique character of the Hong Kong crypto market compared to other regions, where retail consumers often dominate trading activities. The confluence of institutional demand and Zodia’s specialized services positions Hong Kong as an ideal market for the company’s expansion.Notably, Hong Kong has demonstrated a more crypto-friendly stance compared to its neighboring China, which has taken a stricter approach with crypto bans. Earlier this year, Hong Kong’s SFC introduced a regulatory framework that allows companies to register and provide regulated crypto services. In light of these developments, Zodia Custody is in talks with both the SFC and the Hong Kong Monetary Authority to secure regulatory approval within the financial district.Julian Sawyer articulated this opportunity, stating:“The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub.” These discussions are poised to pave the way for Zodia Custody to operate within a well-regulated environment.Standard Chartered has been making in-roads into the Asian market, largely through its Singaporean subsidiary SC Ventures. Zodia Custody launched in Dubai in June and in Singapore last month.However, it is not just progressing solely in the Asia-Pacific region. Recently, Zodia Markets, another Standard Chartered subsidiary, achieved registration as a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland. In September, Zodia Markets also made significant strides in the Middle East and Africa by securing In-Principle Approval from the Abu Dhabi Global Market.

Despite ongoing fluctuations in the cryptocurrency market, analysts suggest that sustained institutional activity is likely to underpin a near-term rebound. As Bitcoin recovered above $90,000 on Dec. 5, market observers began weighing potential risks against growing evidence of corporate and sovereign adoption.Photo by Austin Hervias on UnsplashStructural risks seen as limitedAccording to South Korean news outlet Etoday, Hong Sung-wook, a researcher at NH Investment & Securities, said that the recent slump in both Bitcoin and Strategy stock may weigh on shareholders but does not fundamentally threaten the company’s solvency. He noted that concerns that typically emerge during Bitcoin downturns seldom reflect new underlying risks. Addressing the potential removal of Strategy from the MSCI index, pending review results expected by Jan. 15, Hong indicated that the impact would likely be limited, as the firm has already exhausted its capacity to make additional Bitcoin purchases. However, he cautioned that prolonged share price weakness could force companies to reevaluate digital asset treasury (DAT) models. Such a shift, he warned, could trigger corporate sell-offs that would burden the broader market. Hong also addressed concerns related to stablecoins and future technology. Despite S&P Global Ratings assigning Tether its lowest grade of "weak," Hong observed that the issuer maintains reserves exceeding the USDT in circulation, rendering a mass withdrawal crisis unlikely. Regarding the threat of quantum computing, he argued that the timeline remains uncertain and that the Bitcoin network could mitigate future risks through consensus-driven protocol upgrades. Policy moves may offer market tailwindsLooking ahead, the analyst identified several constructive developments that could bolster the market, including the potential passage of a U.S. crypto market structure bill early next year. He also pointed to the anticipated nomination of Kevin Hassett as Federal Reserve Chair by President Trump. Hassett is expected to favor interest rate cuts, creating a potentially favorable macro environment. Additionally, Vanguard’s decision to permit the trading of select third-party crypto ETFs and mutual funds was cited as significant, given the asset manager’s historically conservative stance on digital assets. While the market has shifted into a broader risk-off mode, institutional demand for Bitcoin has continued to build, including activity that began well before the recent pullback. The Czech central bank recently established a $1 million test portfolio comprising Bitcoin, a USD stablecoin, and a tokenized deposit to research payment futures, though it clarified that it does not currently plan to add digital assets to its international reserves. In the academic sector, a Form 13F filing with the U.S. SEC revealed that Harvard Management Company, which oversees a $56.9 billion endowment, held 6.8 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of Sept. 30, a threefold increase from the previous quarter. Furthermore, BlackRock CEO Larry Fink reportedly stated at the New York Times DealBook Summit 2025 that multiple sovereign wealth funds have begun accumulating Bitcoin, according to Forbes. Korean banks advance crypto integrationThis shift toward institutional acceptance is also materializing within South Korea’s traditionally conservative banking sector. The Maeil Business Newspaper reported that Woori Bank recently became the first major South Korean lender to display real-time Bitcoin prices on its trading floor, allowing dealers to track the asset alongside equities and foreign exchange rates. Concurrently, Hana Financial Group announced a partnership with Dunamu, the operator of the Upbit exchange, to develop blockchain-based remittance services, according to The Korea Economic Daily. By leveraging Hana’s global network and Dunamu’s technology, the initiative aims to reduce settlement times and costs for cross-border payments. Hana intends to introduce the technology for transactions between its Korean offices and overseas branches as early as the first quarter of next year, with broader expansion planned as domestic regulations evolve. Hana intends to launch the service at overseas branches as early as the first quarter of next year, with gradual expansion planned as domestic regulations evolve.